Rajat Dhondse

Supporting a Texas-based CPA firm in U.S. tax and audit operations.

Tax Duties :-

• Preparation and reviewed Individual (1040), Partnership (1065), Corporate (1120 & 1120S).
• Prepared and reviewed M1 and M2 adjustments, along with the required work papers, reflecting their impact in the tax computations.
• I have worked and have knowledge in fixed assets, depreciation, asset sales, and the distinct tax considerations associated with each.
• Prepared and filed Form 1040 for clients claiming the Home Office Deduction (Schedule C or Form 8829), ensuring compliance with IRS requirements by verifying the percentage of the home used for business, and accurately reporting related expenses like utilities, mortgage interest, and repairs.
• Prepared and reviewed Schedule K-1s for inclusion in 1040 tax returns.

Accounting and Auditing Duties :-

• Performed monthly bank, credit card, and merchant account reconciliations ensuring accuracy and timely reporting.
• Categorized and classified transactions using QuickBooks to streamline financial reporting and tax preparation.
• Recorded adjusting journal entries including depreciation, amortization, accruals, and reclassifications in accordance with GAAP.
• Assisted U.S. Audit Engagement teams in reviewing key financial statement line items including cash, loans, and property, plant & equipment (PPE); prepared financial statement tie-outs, disclosure checklists, and audit workpapers; summarized contracts to support audit documentation and compliance with US GAAP.
• Ensured compliance with US GAAP and AICPA standards while supporting audit procedures, enhancing the quality and reliability of financial reporting.

Auditing Duties:-

• Audited U.S.-based clients across various industries including wholesale trading, logistics, professional services, IT services, healthcare, real estate, and manufacturing, ensuring compliance with U.S. GAAP.
• Assisted in planning and execution of audit strategies based on client risk profiles.
• Prepared lead schedules, workpapers, and audit documentation in compliance with firm and regulatory standards.
• Performed analytical procedures to identify year-over-year fluctuations in financial statement items.
• Reviewed trial balances and general ledger accounts for unusual transactions or inconsistencies.
• Analyze data, identify issue, articulate finding, and draw informed conclusion for audit.

Tax Duties :-

• Prepared tax returns for partners of audited entities by accurately incorporating details from Schedule K-1.
• Collaborated with senior tax professionals to reconcile book-to-tax differences and calculate partner capital accounts using tax basis.
• Prepared Form 1040 returns for family members of partners involved in self-employed businesses, accurately reporting business income on Schedule C.

Completed 3-year article-ship training under ICAI guidelines as part of Chartered Accountancy curriculum.

• Handled clients based in both the U.S. and India.

US (Florida) Experience:-

Enrolled as a contractual employee at PwC (one of the Big 4 firms) from October 2021 to December 2022, supporting audit engagements, taxes, and accounting for individual and small business clients.

Accounting and Tax Duties :-

• Categorize and classify financial accounts to ensure accurate recording and reporting, streamlining accounting processes and ensuring compliance with company policies and accounting standards.
• Performing Bank Reconciliations, Credit Card Reconciliations, and Merchant Account Reconciliations.
• Processed Payroll entries using ADP and reconciled them with Form 940 to ensure Accurate federal unemployment tax reporting.
• Prepared and recorded adjusted journal entries such as depreciation, amortization, and interest, and reclassified accounts as required for tax finalization.
• Prepared tax return including 1040, 1065 and 1120S based on the finalized books.

Auditing Duties :-

• Prepared audit workpapers in accordance with PwC's methodology, ensuring accuracy and completeness.
• Verified key financial statement line items such as cash, receivables, payables, and revenue through detailed testing and sampling.
• Analyzed supporting documents (invoices, bank statements, contracts), and documented audit conclusions based on evidence.

Indian Experience: -

• Independently handled Analysis of Financial Statements ensuring compliance with statutory provisions & schedules.
• Involved in Scrutiny of ledgers, debtors & creditors reconciliation, Bank Reconciliation Statements / physical verification of fixed assets & closing stock.
• Preparation and submission of Income Tax Audit Reports in Form 3CACD and 3CBCD.
• Involved in Income Tax Audit assignments, return filing & other compliances for Individuals, Partnership Firms and Private Limited Companies.
• Preparation and filing of GST returns, including reconciliation with books of accounts.
• Enabled clients to secure loan through preparation of CMA reports.
• E-filing of Income Tax Return, GST Return and TDS Return of individual and other entities.